The size of the global operating room equipment market is expected to be worth USD 29.43 billion in 2023. This value is estimated to be growing at a CAGR of 3.9% and will be worth USD 35.64 billion by 2028. The Operating Room Equipment market shows evident potential in the mentioned forecasting period.
The operating room is a facility where all the operations are performed to treat pathological and physiological conditions in a sterile environment. Operating rooms are also known as the operating suite or operation theatre. An operating room is prepared with technically advanced equipment that offers enhanced operational efficiency by enabling surgeons and other healthcare professionals with greater flexibility and ease of handling.
MARKET DRIVERS:
An increasing flow of patients to hospitals with various diseases is the primary driver for market growth. The rise in the elderly population is surging the demand for the operating room equipment market to an extent. Growing demand for minimally invasive surgeries is also propelling the growth of the operating room equipment market. The rise in the awareness of maintaining hygienic conditions in operation theaters accelerates market growth. The rapid growth of global technological innovation in medical equipment drives the development of the operating room equipment market. The aging population is also one of the key factors that contribute to growth. Among the factors that drive the global market for operating room equipment, there is an increase in the majority population, the increase in the demand for hybrid operating theaters in advanced countries, and modern equipment in operations. The market is expected to grow by improving medical infrastructure in emerging markets, increasing interest in foreign hospitals' networks, and increasing cooperation with hospitals and foreign investors.
Also, an increase in outpatient surgery centers, an increase in the prevalence of chronic diseases, and an increase in medical costs stimulate the growth of the global market for operating room equipment. An increase in the popularity of minimally invasive procedures due to related benefits, such as lower trauma, shorter hospitalization time, and profitable procedures, contributes to the growth of the global operating room equipment market. We are at the forefront of the operating room equipment market with increased government agencies' investment worldwide. Growing investments in healthcare centers by government and non-government organizations are lucrative to prompt growth opportunities for the operating room equipment market. The rise in the priority for convenient and flexible devices while performing surgeries for significant results is likely to outshine the demand of the operating room equipment market.
MARKET RESTRAINTS:
The high cost associated with the latest medical device technologies acts as major restraint restraining the market. However, the lack of standardization slowly limits the market's growth rate. The cost for installation and maintenance of the devices is a little high, which is quietly declining the growth rate of the market. Less knowledge about utilizing this equipment in rural areas is challenging for the Operating Room Equipment Market developers. The existence of alternatives such as the high cost of operating theater equipment and the purchase of renewed equipment or operating theaters are factors that inhibit the market's growth. Also, it is expected that the increase in hospital investment, the development of new operating rooms, and the rise in investment in new hospital centers and outpatient surgery will drive future growth.
COVID-19 impact on the global operating room equipment market:
World Health Organization declared COVID-19 as a pandemic in March 2020. The operating room equipment market has led the shares during the pandemic period. In the first half of 2020, the market shares have seen a downfall due to lockdowns and restrictions on movement, but with the surging cases of COVID-19, there is quite an increase in the patient flow hospitals with adverse effects. Most surgeries were canceled or postponed as doctors are the front-line warriors in the fight against COVID-19. With the government's unlock guidelines across the world, all the activities were resumed in the last months of 2020. However, the market shares to have significant shares by 2021.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
Segments Covered |
By Type, End-User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report has been segmented and sub-segmented the global operating room equipment market based on type, end-user, and region.
Operating Room Equipment Market – By Type:
Based on Product Type, the operating room lights followed by Anesthesia machine types are expected to account for the majority of the share in the global market during the forecast period. Increasing focus on improving the quality of treatment procedures is fueling the growth of the market. Stringent rules and regulations by the government in approving new products concerning patient safety are leveraging segmental growth.
Operating Room Equipment Market – By End User:
Based on End-User, the Hospitals sector is leading with the highest shares of the market. The rise in hospitals' construction activities to meet the public's requirements spurs the market's growth. Also, increasing focus on adopting new technological developments in the medical sector elevates the market's growth rate.
Operating Room Equipment Market – By Region:
In terms of region, North America, with the United States and Canada, represented a large part of the world market in 2022. Contributions from Western European countries, such as the United Kingdom, Germany, France, and Italy, are responsible for Europe's largest market share. From the base of the population of patients of origin, that is, it is expected that older people (over 65 years old) will be leading the operating room equipment market in Europe during the forecast period.
It is expected that the Asia Pacific market will expand at an essential pace through the development of medical infrastructures and the strengthening of health care support for people. It is expected that other regions, such as the Middle East and Africa, and Latin America, will become a favorite for operating room equipment in the near future due to the rapid expansion of the medical devices industry and the high rate of adoption of advanced medical devices.
KEY MARKET PARTICIPANTS:
Companies that are playing a dominating role in the global operating room equipment market are STERIS Corporation, Stryker Corporation, Drägerwerk AG & Co. KGaA, Getinge Group, Medtronic, Inc., Hill-Rom Holdings, Inc., Mizuho OSI, GE Healthcare, Philips Healthcare, and KARL STORZ GmbH & Co. KG.
KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
FAQ's
The global operating room equipment market was worth USD 28.33 bn in 2022.
The growing demand for minimally invasive surgeries, the rising prevalence of chronic diseases, and technological advancements in surgical equipment are majorly propelling the growth of the operating room equipment market.
Medtronic, Stryker Corporation, Hill-Rom Holdings, Inc., Karl Storz GmbH & Co. KG, and Smith & Nephew plc are some of the notable companies in the operating room equipment market.
North America accounted for the major share of the worldwide operating room equipment market in 2022.
The COVID-19 pandemic has had a mixed impact on the operating room equipment market.
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